The necessity of dynamic equivalents for power system analysis has been well known since the expansion of large interconnected power networks, and has been discussed during the last decades. The present paper proposes a new method for constructing dynamic equivalents of power systems. In this method, at the first step the ``study system" is modeled completely via a single machine-infinite bus modeling procedure. Then the ``external system" is identified as a MIMO feedback block of this model in such a manner that can include dynamic effects of the latter on the behavior of the former. The method is successfully experimented on a part of the Iranian southern network.